FxWirePro: GBP/AUD retreats after failing to break above 10DMA, maintains bearish bias

• GBP/AUD initially strengthened on Friday  but gave up ground after U.S. labor market report.

•The pair failed to breach a resistance at 1.8672(10DMA)   and dipped towards 1.8616.

• Selling pressure will remain in the short-term, only a move above 1.8787 ( 50% fib) strong resistance  will shift bias higher.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 37.

•   Immediate resistance is located at 1.8672(10DMA)  , any close above will push the pair towards 1.8701( 38.2 % fib).

• Strong support is seen at 1.8593 (23.6% fib ) and break below could take the pair towards 1.8562 (Lower BB).

Recommendation: Good to sell around 1.8620, with stop loss of 1.8700 and target price of 1.8560.